New Delhi, March 25 -- After Monday's sharp sell-off, markets staged a comeback, but don't pop the champagne just yet.

The Nifty 50 rose 1.78% to 22,912, driven largely by short covering and easing crude prices, while the Sensex gained 1.89% to close at 74,068.45. The Nifty 50 crossing the 22,735 resistance mark has lifted sentiment, with hopes of testing 23,500 by month-end, if no fresh negative triggers emerge.

But is this a true recovery or just a temporary bounce?

Analysts remain cautious. The broader trend is still corrective, and FIIs continue to sell heavily, even as DIIs lend support. Global cues are positive, and mid- and small-caps joined the rally, adding over Rs.7.5 trillion to BSE's market value.

The bigger trigger remain...